NEW YORK--(BUSINESS WIRE)--Scott + Scott, Attorneys at Law, LLP, a global investor rights law firm, hereby notifies investors that a class action lawsuit has been filed on behalf of all investors who purchased shares of Tetraphase Pharmaceuticals Inc. (TTPH) between March 5, 2015 and September 8, 2015. Investors have until March 28, 2016 to file lead plaintiff papers in the suit. To get more information about the lawsuit, or to join the lawsuit, go to: https://www.scott-scott.com/pop.php?page=join&case_id=2767.
There is no cost or obligation to you.
The firm also recommends that investors get a copy of the “Investors Guide to Securities Litigation,” which you can obtain free of charge at http://www.scott-scott.com/contact.htm You can also call Joseph Halloran, Esq. at (646) 582-0121 or email scottlaw@scott-scott.com for information about the lawsuit.
About the Lawsuit
The Complaint alleges that since March 5, 2015, Tetraphase and certain of its officers and directors have misrepresented the efficacy and safety of its drug Eravacycline, and attendant capacity for approval by both the U.S. Food and Drug Administration (“FDA”) and the European Medicines Agency (“EMA”).
On September 8, 2015, following close of market, Tetraphase issued a press release announcing results of the pivotal portion of the IGNITE2 phase 3 clinical trial of Eravacycline. The Company disclosed that Eravacycline, administered as an intravenous (IV) to oral transition therapy for the treatment of complicated urinary tract infections, had failed to achieve its primary endpoint of statistical non-inferiority compared to Levofloxacin under the guidelines established by both the FDA and EMA.
On this news, the price of Tetraphase common stock declined from a closing share price of $44.78 on September 8, 2015 to close at $8.36 per share on September 10, 2015, a loss of more than 80% or $1.3 billion in market value, on extremely heavy trading volume.
Scott + Scott, Attorneys at Law, LLP has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States.